As the Internet evolves, the venture capital business starts evolving and we have been seeing more and more investors focusing on growth and late stages in the past few years. This is exactly the step that our partners over in Germany have taken in the past months: after having managed the corporate venture capital business for Hubert Burda Media with a focus on early-stage companies (Burda Digital Ventures) for the past several years, the team around Paul-Bernhard Kallen and Christoph Braun is now raising a second fund which targets later stage companies with an established track record of revenues and profitability (Acton Capital Partners). Hubert Burda Media is one of the largest investors in this new fund that continues to focus on Internet and mobile-based, consumer-oriented businesses. 20 to 30 percent of the committed fund will be invested outside Europe and mainly in North-America (and through W Media Ventures). This means for us that we will increasingly focus on late and growth stage deals in our region (some past deals in this category include AbeBooks, Suite101 and Nexopia) but will continue to look at selected early-stage opportunities.